Colleen and Lesley go way back… back to Lesley’s teaching career in fact. Lesley helped Colleen purchase her first home, a condo in The Summit, Sandy Springs. This, of course, was before Colleen was married or had a beautiful little girl! With life changing, Colleen decided that it was time for a family home! So, Colleen entrusted Jennie Moshure, The Peters Company’s Lead Buyers Agent, to help them find a gorgeous new construction home in Cumming! We know that you guys are going to LOVE your new space! Jennie and Lesley are already looking forward to a visit once you guys get settled! Thank you, Colleen, for trusting our entire team! Lesley gets a little sad sometimes that she no longer gets the fun job of working with clients but she’s always happy to find Jennie a new client and friend. And, I’d say – she made a great connection!
Archive for the ‘Metro Atlanta’ Category
Wow! We sure have been lucky! It all started with your sweet mom, Cindy, who Andy met in his old water boy days! When Andy made the transition to join Lesley in real estate, Cindy decided that Andy could sell more than water and asked us to sell her home! Through that, we’ve had the pleasure working with your brother and sister-in-law and you guys! We’ve LOVED every minute! We’re so excited about your GORGEOUS new Cumming home! With three finished levels of living space, there is going to be plenty of room – almost a floor for each of you! We know the girls are as excited about their new home as you guys! Can’t wait to see pictures once you guys get settled! Big thanks for keeping The Peters Company in your family!
- 96.5% loan to value
- Up front mortgage insurance of 1.75%
- Lifetime monthly mortgage insurance of 1.35%
- Allows for Gift funds with no minimum borrower investment
- Allows for 6% seller paid closing costs
- Requires condominium projects to be on an “approved list”
- Allows for down to 600 credit score with Supreme Lending!
- More flexible with debt to income ratios – Supreme Lending will go up to 55% with no problems
- Allows for 3 yrs after a foreclosure or short sale – Also note Supreme Lending has the “Back to Work” FHA loan that allows for possible loans after ONLY 12 months
- Allows for only 2 yrs after a Chapter 7 Bankruptcy
- Allows for a borrower to be in a Chapter 13 Bankruptcy and apply for a loan
- Fixed rate loans and limited ARM products are available
- Product is owner occupied ONLY
- 95% loan to value
- No up front mortgage insurance
- Monthly mortgage insurance is determined by credit score, debt ratio and property type but is typically much LOWER than FHA
- Monthly mortgage insurance drops off at 78% loan to value and can be requested to be removed at 80%
- Gift funds are allowed if the borrower has their own 5% – SUPREME LENDING will allow gift funds with no minimum borrower investment
- No required condo “Approved List”
- Minimum 620 credit score
- Debt to income ratios are tighter – typically only 45%
- No Mortgage insurance options are available
- Seller paid amounts are limited to 3% at 90.01% – 95% loan to value, 6% from 75.01 – 90% loan to value and at 75% and below it is 9% seller paids – investment property is limited to 2%
- Fixed rate and several ARM programs are available (3,5,7,10 year ARM)
- Foreclosures have a 7 yr waiting time period
- Short sales require 2 yr since completion at 80%, 4 yrs at 90% and 7 yrs to 95%
- Product allows for primary residences, second home and investment properties at varying loan to values and credit scores
- Chapter 7 bankruptcy is 4 yrs from discharge
- Chapter 13 bankruptcy is 2 yrs from discharge
If you have an questions regarding an FHA or Conventional loan and what would be the best option for you, don’t hesitate to give Scott Meldrum or Kim Nehiley a call at 404-667-3920.
And, if you’re looking for an Atlanta real estate agent to help you buy an Atlanta home, look no further! The Peters Company is here for all of your Metro Atlanta home buying and selling needs! Call us today at 404-419-3619.
Congrats, Nate and Evi on the purchase of your Brookhaven home! Nate and Evi were looking to purchase a home to renovate, so that they could be in the highly desirable area of Brookhaven. They loved the idea of walkability in the area and the great neighborhood feel. They can certainly attest that buying in a hot market isn’t easy, but they are poster children for the phrase, “Everything happens for a reason!” Nate and Evi, We are SO happy that you found such a gem (bomb shelter and all) to call home. Please invite us over to see you amazing renovations soon!
Do you like saving money? How about lots of money? If so, you must APPLY for your Homestead Exemption!
What is Homestead Exemption? Homestead Exemption is available to legal residents of Georgia for their primary homes. You are able to claim a partial exemption, which can amount to substantial property tax savings. Senior citizens may have additional exemptions available. Check with your county tax office. You are entitled to the Homestead Exemption if you owned and occupied your home on or before December 31, 2013. The Homestead Exemption filing deadlines vary by county. However, most Metro Atlanta counties deadlines are now April 1, 2014.
Homeowners may need to provide their Warranty Deed book and page, proof of residence, social security numbers, driver’s license and car tag info. If the property is located within city limits, the homeowner may be required to file with the city as well. See list below for more information on Metro Atlanta counties:
Gwinnett County – deadline is April 1, 2014 770-822-8800
Fulton County – deadline is April 1, 2014 404-612-6440
DeKalb County – deadline is April 1, 2014 404-298-4000
Cobb County – deadline is April 1, 2014 770-528-8600
Clayton County – deadline is April 1, 2014 770-477-3311
Cherokee County – deadline is April 1, 2014 678-493-6120
Henry County – deadline is April 1, 2014 770-288-8180
Forsyth County – deadline is April 1, 2014 770-781-2106
Douglas County – deadline is April 1, 2014 770-920-7272
Fayette County – deadline is April 1, 2014 770-461-3652
Paulding County – deadline is April 1, 2014 770-443-7606
* Special thanks to Leigh Clack of Neel and Robinson Attorneys for providing this information.
If The Peters Company can be of further assistance, don’t hesitate to let us know! We are ALWAYS a phone call or email away and would love to help in any way. It’s our pleasure to always provide the most relevant and helpful information when it comes to Metro Atlanta real estate! 404-419-3619
Congrats to our sweet friends Shauna and Jason on selling their adorable Inman Park home! The hard work and love Shauna and Jason put into this home throughout the years paid off. Not only does it have character to die-for, but it is within walking distance to one of my all time favorite Atlanta restaurants Sotto Sotto! So, it was no surprise that we had multiple offers!
For Shauna and Jason, now the fun begins – the home search! We’re looking forward to helping you guys find a new home and area of Atlanta to call home! It always means the world to us when friends choose us as their agents as we know that can sometimes be a difficult decision. Shauna and Jason, thank you for putting your trust in us as both friends and agents! We’ve LOVED working with your family!
If you want to see more photos of this beautiful home at 295 Alaska Avenue, click here!
Congratulations, John and Dana! Your Ashford Park stunner SOLD in 9 days on the market with multiple offers and for 100%+ list price! We couldn’t be happier for you guys. Thank you for placing your trust in us transaction after transaction! We are thrilled to be your Brookhaven real estate team of choice! It’s always such a pleasure to work with you guys! We can’t wait to see your gorgeous new construction home when you all move in next month! It’s no secret, though, that this home on North Thompson will always hold a special place in your heart as it’s where your family began!
Congratulations, Jim and Mindy! Your beautiful home in East Cobb’s Kings Farm neighborhood SOLD in 8 days on the market for 97% of your list price! Thank you for the trust you placed in us to stage, price, and market your home correctly! Andy thoroughly enjoyed working with you on the sales side and now Jennie has taken over the reigns as you all begin your search for the perfect Atlanta condo or townhome! We look forward to seeing what you choose to call home next! Thanks again for your trust in The Peters Company as your Atlanta and Marietta real estate agents of choice!
If you’d like to see the home Jim and Mindy sold, click here.
by Andy Peters
This past Wednesday I was able to attend another fascinating quarterly statistics presentation on the metro Atlanta real estate market. The bull is definitely back in the market. Amongst many eyebrow raising statistics, there was one that I felt captured what we’re experiencing right now better than anything else. Believe it or not, over 30% of the properties selling today are going over the list price. Homes are selling in 45 days on market and at 95% sales/original list price.
Median sales price was up 39.6% from the same period last year. You have to be careful to note though that prices are not up 39.6%, which I’m sure will be misconstrued at times by the local media. This skyrocketing stat was markedly fueled by a shortage in the under $200,000 and especially under $100,000 market. With less inventory below $200,000, we really had no place to go but up because that same price range had been sobering the median sales price for years. Having said that, the displacement effect caused by “eating” so many homes on the lower end has now crossed over on the upper end, and that’s good news as a whole. Overall supply has fallen by 22% from this time last year. Check out how the median sales price has changed through the years in the chart below. Notice the irregularity of the 2013 graph with the red square data points. Most every other year followed a similar pattern, but 2013 has broken out unusually.
Sometimes it’s hard to realize where you are without looking at where you’ve come from. Just take a look at the line graph below which shows the month’s worth of supply of listings going back to 2007. The red lines represent the actual inventory, and the smaller gray lines represent the volume of homes sold. You’ll notice that the amount of homes sold has stayed rather steady while the inventory has nosedived, which has led to the significant reduction in the months worth of inventory. As reported in posts before, the market is in trouble in a very eery way if this inventory doesn’t start picking up. As a result, prices will continue to rise to unsustainable levels (as we’re seeing already in the bottom image) and appraisals will continue to lag behind the artificially high market prices. The only thing that can cure the trouble is more listings.
Taking a little closer look, you’ll see that we currently have a 3 month supply of inventory. Under a 6 month supply, we consider things to be a “Seller’s Market.” Still feels weird saying that coming from where we’ve been over the last 4-5 years. So, what does this mean for you? If you’re a Seller, you’re riding a wave of increased interest and rising values. I’m meeting with more Sellers now than I ever have. Many of these Sellers were the folks that I talked out of selling in years past or those that can now stomach the improved loss for promise of gain on the other side. If you’re a buyer, you have to realize that there are fewer homes with at least as many buyers as normal fighting you for the best possible listings. As we say on our team, “If it’s good, it’s gone,” and you can’t play hardball on a great piece of property. My suggestion to one buyer recently was if you want this house, you better give them what they want. Lock it up because the one you wait and think on was the one that someone else saw yesterday only to think on and make and offer on today.
Not surprising was the fact that Keller Williams continues to increase their market share, now cornering nearly 20% of the market and over 10% more than the next highest company. The word is certainly out about this technology loving, well educated, prepared, and contagious culture.
As a team, The Peters Company is having our best year ever thanks to our loyal clients. We have successfully closed over 70 transactions now with an additional 20+ transactions on the books set to close throughout the remainder of the year. Our sold listings, which total over 30 now year to date, are selling for over 99% of their original sales price in 9 days on the market on average. With so little homes on the market, you want to make sure your home sells before the others and you get what you want. With many homes selling over the list price, you need an agent with experience facilitating such a circus so that you can maximize your opportunity. On the buy side, Jennie, Russell and myself have found properties for our buyer clients before they ever hit the market. We’re helping buyers win in multiple offer situations on competitive properties, and we’re doing all this while following a time tested process, sharing, explaining and guiding all the way. You’ll love working with us! Call us today at 404-419-3619.
When we first met Debbie, we realized that she spent most of her time in the air! As a consultant who travels often, Debbie was tired of calling an airport “home” and wanted a place to put roots down for good in Atlanta. Location was key for Debbie who wanted to make sure that she wasn’t moving to “suburbia” too soon! We found the perfect combination of city life and tranquility in the great Brookhaven community of Carlyle Woods. The minute Debbie walked into the gorgeous unit, we knew that it was a great fit! We are glad that Debbie will be spending more time in ATL, and we can’t wait for her to discover all that Brookhaven has to offer!